WASHINGTON, May 16, 2014 /PRNewswire/ -- Fannie Mae (OTC
Bulletin Board: FNMA) priced its fifth Multifamily DUS®
REMIC in 2014 totaling $1.24 billion
under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae
GeMS™) program on May 9,
2014.
"There was huge demand for short floaters this month. We
created a floater off of a block of seasoned Fixed + 1™
securities to meet some of that demand and also issued a 5-year
fixed-rate bond," said Josh Seiff,
Fannie Mae Vice President of Multifamily Capital Markets.
"Investor response was very positive, we were several times
oversubscribed. This was the first GeMS deal using this type
of fixed/floater hybrid collateral. It was a great chance for
us to use a creative structure to help match up supply from our
portfolio with continued strong investor demand in the space."
All classes of FNA 2014-M5 are guaranteed by Fannie Mae with
respect to the full and timely payment of interest and
principal. The structure details for the multi-tranche
offering are in the table below:
|
Class
|
Original
Face
|
Weighted
Average Life
|
Coupon
(%)
|
Coupon
Type
|
Spread
|
Offered
Price
|
|
FA
|
$780,423,392
|
2.08
|
0.502
|
Floater/ WAC
Cap
|
S+35
|
99.97
|
|
SA
|
$780,423,392
|
2.09
|
4.777
|
Inverse IO
|
(5.10%) ytf,
100CPY
|
5.19
|
|
ASQ1
|
$46,000,000
|
2.74
|
0.986
|
Fixed
|
S+12
|
100.00
|
|
ASQ2
|
$413,767,336
|
4.46
|
2.034
|
Fixed
|
S+25
|
101.00
|
|
X2
|
$459,767,336
|
4.28
|
3.643
|
WAC IO
|
Not
offered
|
Not
offered
|
|
Total
|
$1,240,190,728
|
|
|
|
|
|
|
Group 1
Collateral
|
|
|
|
|
UPB:
|
$780,423,392
|
|
Collateral:
|
136 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
CA (41.5%), TX
(21.0%), WA (5.7%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.55x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
66.4%
|
|
|
|
Group 2
Collateral
|
|
|
|
|
UPB:
|
$459,767,336
|
|
Collateral:
|
87 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
CA (21.2%), MN
(10.1%), FL (6.0%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.64x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
63.8%
|
|
|
|
Settlement
Date:
|
May 30,
2014
|
|
|
|
Lead
Manager:
|
Credit
Suisse
|
|
Co-Managers:
|
Deutsche Bank and
Jefferies
|
For additional information, please refer to the Fannie Mae GeMS
REMIC Term Sheet (FNA 2014-M5) available on the Fannie Mae GeMS
Archive page on www.fanniemae.com.
Certain statements in this release may be considered
forward-looking statements within the meaning of federal securities
laws. In addition, not all securities will have the characteristics
discussed in this release. Before investing in any Fannie Mae
issued security, you should read the prospectus and prospectus
supplement pursuant to which such security is offered. You should
also read our most current Annual Report on Form 10-K and our
reports on Form 10-Q and Form 8-K filed with the U.S. Securities
and Exchange Commission ("SEC") available on the Investor Relations
page of our Web site at www.fanniemae.com and on the SEC's
Web site at www.sec.gov.
Fannie Mae enables people to buy, refinance, or rent a
home.
Visit us at: www.fanniemae.com/progress
Follow us on Twitter: http://twitter.com/FannieMae.
SOURCE Fannie Mae